STX Token Debuts on Korean Exchange Bithumb

Korbit Joins Hands with Shinhan Card and Good Neighbors for NFT CampaignKorean crypto exchange Korbit said Thursday that it is participating in the Cambodia Youth Independent Tuk-tuk Transportation IG Group organized by the Good Neighbors Global Impact Foundation to help create jobs and support economic stability for youths in Kampot, southern Cambodia. To do so, the exchange has launched a campaign with Korean credit card company Shinhan Card and the Good Neighbors Global Impact Foundation to issue environmental, social, and governance (ESG) donation certificates minted as non-fungible tokens (NFTs).Photo by Markus Winkler on UnsplashTuk-tuks, or auto rickshaws, are the main mode of transportation in Cambodia, offering a larger job market for youths who are looking to become financially independent. Yoo Tae-hyun, Head of the Platform Business Group at Shinhan Card, expressed his hopes that the campaign will empower the youths and help them become more independent.Campaign participationShinhan cardholders who wish to participate in the campaign can select “Tuk Tuk Donation Certificate NFT Campaign” found under the Areumin section in Shinhan’s app service Shinhan pLay. They can then make a donation with their card or card points and apply for an NFT. Korbit said that it would airdrop all NFTs to donors at the end of the campaign in December, which can be verified on Korbit’s NFT marketplace and Shinhan pLay app’s MyNFT service. The images minted on the donation NFTs, which depict Cambodian youths on tuk tuks, are a contribution from Park Hye-geun, an artist who has worked on children’s books, educational materials, and more.Notably, during a memorandum of understanding (MOU) signing ceremony last Monday, the three entities opted for an NFT certificate confirming their partnership instead of directly signing a document as a means to further implement NFTs into their collaboration.Boosting ESG efforts“We are pleased to contribute to creating a trend of making donations through NFTs and will continue to uphold our ESG management to have a positive impact on society,” said Oh Se-jin, CEO of Korbit. Meanwhile, Hyun Jin-young, CEO of the Good Neighbors Global Impact Foundation, applauded Korbit’s efforts to promote a culture of donation and address global social issues through the use of NFTs. He also stated that he looks forward to various technological collaborations with Korbit in the future.Korbit has previously worked with Shinhan Card on various cultural and artistic ESG activities, such as hosting an art fair in April in Seoul, where some 200 artists showcased their artworks.

Assemble Protocol’s Native Token Now Supported by Ceffu’s Custody SolutionAssemble Protocol, a blockchain-based global point integration platform headquartered in Hong Kong, has announced a partnership with Ceffu, previously known as Binance Custody, according to South Korean blockchain news outlet Bonmedia.Ceffu serves as the sole institutional custody partner of Binance Exchange, the world’s largest cryptocurrency exchange based on trading volume. It started as a custodian platform in 2021 and underwent a rebranding from Binance Custody to Ceffu in February. Ceffu offers support for a diverse range of digital assets, including BTC, ETH, BNB, LTC, and XRP.Photo by rc.xyz NFT gallery on Unsplash$1M minimum depositThrough this collaboration, ASM, the native token of Assemble Protocol, has been included in the list of Ceffu’s supported assets, enabling ASM holders to securely store their tokens in the custodian’s cold storage. The custody service imposes a minimum deposit requirement of $1 million worth of digital assets.Reward points to ASM tokenAssemble Protocol offers users the ability to unify their reward points obtained from various debit and credit cards into ASM. By integrating these scattered rewards, users can conveniently manage and utilize their points through a unified digital currency. The platform also rewards participants within its ecosystem with tokens based on their contributions. The more participants contribute, the greater their rewards. Moreover, advertisers can pay fees to Assemble Protocol to promote their products within the ecosystem.Park Kyu-do, CEO of Assemble Protocol, expressed his appreciation for Ceffu’s support of ASM, emphasizing the security and transparency it offers for storing assets. Park also mentioned that the collaboration with the Binance ecosystem will lead to further expansion of the protocol.Meanwhile, Assemble Protocol plans to launch mobile and desktop versions of Assemble 2.0 later this year.

Hong Kong's debut of Bitcoin and Ether exchange-traded funds (ETFs) faced a tough start on their first day of trading, with volumes falling far below the record-breaking figures seen in the United States earlier in January 2024. Tough act to followThe launch of six spot Bitcoin and Ether ETFs, managed by prominent firms including China Asset Management, Harvest Global, Bosera and HashKey, marked a significant milestone for Hong Kong's cryptocurrency market. However, initial trading volumes indicated a notable contrast with the groundbreaking volumes witnessed during the debut of spot Bitcoin ETFs in the United States. On their inaugural day, the total trading volume of the six new crypto ETFs in Hong Kong amounted to 87.58 million Hong Kong dollars ($12 million). This figure, while significant, paled in comparison to the $4.6 billion trading volume recorded for U.S. spot Bitcoin ETFs on their first day, making the U.S. investment funds a tough act to follow. Despite the disparity, industry experts like Justin d'Anethan, head of APAC business development at crypto market maker Keyrock, viewed the Hong Kong ETFs' performance positively within the local market context.Photo by Simon Zhu on UnsplashAbsence of stakingD'Anethan told The Block that while the trading volume in Hong Kong didn't match the U.S. debut, it reflected a noteworthy level of investor interest, particularly considering the market dynamics in Hong Kong, which lacks access to mainland China investors. Bloomberg ETF Analyst Eric Balchunas suggested on X that people expected too much and that in reality, it was a good first day’s trading. In an interview with Bloomberg, China Asset Management CEO Yimei Li stated that the products open the door “for a lot of RMB holders.” They didn’t show up on day one as d’Anethan pointed out, and he further noted that the absence of staking rewards for Hong Kong's spot Ether ETFs was a notable factor affecting investor decisions. Data from the Hong Kong Stock Exchange (HKEX) cited by Cointelegraph illustrated the relatively subdued performance of the newly launched ETFs. Among them, the Bosera HashKey Bitcoin ETF and Ether ETF recorded modest trading volumes, while the China Asset Management (CAM) Bitcoin ETF demonstrated stronger traction, attracting significant trading volume by the closing bell. Prior to trading, CAM's subscription size for its spot Bitcoin and Ether ETFs drew substantial interest, totaling $140 million during the initial offering period. This heightened anticipation was further fueled by the success of HKEX's cryptocurrency futures ETFs, which garnered $529 million in net inflows in the first quarter of 2024. Fee exemptionsIn an effort to stimulate investor participation, local fund managers and brokerages in Hong Kong offered fee exemptions for the new crypto ETFs. Harvest waived its management fee for six months, while Bosera extended a fee waiver period of four months. Despite the optimism surrounding the launch, potential access to the ETFs by mainland Chinese investors remains uncertain, subject to Know Your Customer (KYC) policies. Meanwhile, the Securities and Exchange Commission's (SEC) stance on Ether ETFs in the U.S. complicates the prospects of listing such products in the near future. While Hong Kong's debut of Bitcoin and Ether ETFs faced challenges in matching the fervor witnessed in the U.S., it nevertheless represents a significant step forward for the region's cryptocurrency market, signaling growing interest and participation in digital asset investments.